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BURSWOOD PROPERTY TRUST (BSD)

Delisted from ASX 23/12/1997

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delisted pursuant to Listing Rule 17.11 at the Company's request23/12/1997
we understand agreements were concluded which enabled the Trust to take direct operational control of the Burswood Hotel and Casino - $123 million was raised by the issue of equity to Metroplex Berhad to fund the restructuring - the Trust was corporatised by the exchange of Units in the Trust for shares (on a one for one basis) in a new company, Burswood Limited - evidently there was also a distribution of 2.5 cents per unit paid out of the Asset Revaluation Reserve and therefore unfranked - while tax free for income tax purposes it reduced the indexed cost base of units for capital gains tax purposes23/12/1997

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